Monday, June 30, 2014

Daily Commodity Report: 2 Hour Charts

So far my calls over the weekend have been excellent with the exception of copper (JJC), wheat (WEAT), and corn (CORN). Ironic though my call on shorting agriculture (DBA) was absolutely correct. With regard to wheat and corn the American Department of Agriculture released data showing increased stocks in both (in the case of wheat a global three year high). Soy beans (SOYB) also had a collapse today of around 4.50% at the time of writing. Sugar (SGG) has experienced a similar collapse after bouncing off the diagona resistance line.

Incidentally, Jack Chan at Safe Haven wrote about the epic change in gold and silver speculator positions as indicated on the COT. As he reports, it has gone from extreme bearish to extreme bullish in the space of just 21 days. Caution is warranted.

Agriculture: DBA

Coal: KOL

Coffee: JO

Commodities: DBC

Copper: JJC

Corn: CORN

Cotton: BAL

Crude Oil: USO

Gold: GLD

Silver: SLV

Lithium: LIT

Livestock: COW 

Natural Gas: UNG

Palladium: PALL

Platinum: PPLT

Sugar: SGG

Uranium: URA

Wheat: WEAT

Jakob Richardon © 2014